- Elon Musk emphasized that NFTs are often just URLs that link to JPEG images.
- Musk wants to transform X into an all-in-one financial solution for people.
In a recent appearance on the Joe Rogan Experience podcast, tech mogul Elon Musk shared his views on ordinal numbers in the world of NFTs and the inherent risks within the crypto space.
Elon Musk expressed concerns about the high number of scams in the crypto world, especially in the case of NFTs, which he largely deemed questionable. It also highlights the need for greater security and sustainability in the NFT world. He stated that;
The NFT isn’t even on the blockchain; it’s just a URL to the JPEG. At the very least, you need to encode the JPEG into the blockchain. If the company housing the image goes bankrupt, you no longer have the image.
Elon Musk’s return to the podcast realm with Joe Rogan comes after a two-year hiatus and holds a special place in the global podcasting landscape. Their discussion promised insights into Musk’s recent ventures, with a particular emphasis on his high-profile Twitter takeover.
In addition to his Twitter takeover, Musk’s goals are expanding, with a notable turn toward the financial sector. Reports indicate that X (formally known as Twitter) is aiming to become a one-stop solution for people’s financial needs. This vision positions X as an innovative alternative to traditional banking, providing users with a platform to seamlessly manage their finances and payments.
What do you think of Elon Musk’s views on NFTs, especially when they are linked to external URLs rather than fully encoded in the blockchain? Tweet at us at @The_NewsCrypto and let us know your thoughts.
